XIANYANG, China, Jan. 8, 2015 /PRNewswire/ -- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced that on December 29, 2014, the Company signed a joint research and development agreement with Northwest University, one of China's leading comprehensive universities located in Xi'an city, Shaanxi Province, for further development of Danshensu Yibingzhi (IDHP), a Class One drug for treatment of cardiovascular diseases to further research and development efforts in connection with Danshensu Yibingzhi (IDHP).
Danshensu Yibingzhi (IDHP) was developed by Professor Xiaohui Zheng and his research team after 14 years of concerted research effort and was recently approved by the Education Department of Shaanxi Province and The Finance Department of Shaanxi Province for the further industrialization and marketization. Professor Zheng is the Company's Chief Scientist and is affiliated with Northwest University. There are currently two invention patents associated with Danshensu Yibingzhi (IDHP) (patent Nos. ZL200410026105.3 and ZL201010577073.9) both of which are held by Northwest University. Professor Zheng leads a large joint team that includes nearly 100 researchers from over twenty different organizations, including the University of Cambridge, King's College of London University, Peking University, Chinese Military Medical Science Academy of the PLA, the Fourth Military Medical University and Shaanxi People's Hospital, among others. The Company believes that Northwest University chose to cooperate and collaborate with the Company research team for further research and development of Danshensu Yibingzhi (IDHP) in light of the Company's own research and development track record with Danshen Granules, Zushima Analgesic Spray, Zhitong Tougu Plaster, Qianlietong, Hyperthyroidism Capsules, among others.
According to the statistics, there are more than 280 million Chinese patients (or approximately 20% of China's total population) are suffering from cardiovascular diseases. In light of this, the Chinese government set the prevention and treatment of cardiovascular and other diseases as a major development strategy since its most recently adopted "Eleventh Five-Year Plan." In particular, the governmental effort is directed to support development of innovative treatments and technologies and to challenge PRC's medical research and scientific communities to advance the field of available treatment options.
Mr. Ronghua Wang, Chairman and CEO of Biostar, commented on this development: "The PRC government set the prevention and treatment of cardiovascular and other related diseases as a national development strategy in its "Eleventh Five-Year Plan." In recent years, we have focused our efforts on researching and developing new drugs to treat cardiovascular and related diseases. We view our ongoing cooperation with Northwest University as a major step in this effort. We expect to continue our combined efforts on this project in the next five years. In that time period, we anticipate that various organizations/institutions and numerous experts in the field will join and/or participate in this research effort. The Company believes that our ongoing cooperation with Northwest University on this project will provide a solid foundation for the Company's efforts and development in this area in the years to come," Mr. Wang concluded.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company's most popular product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. For more information please visit: http://www.biostarpharmaceuticals.com.
Safe Harbor Relating to the Forward-Looking Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Company uses words and phrases such as "guidance," "forecasted," "projects," "is expected," "remain confident," "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements. Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Biostar and described in the forward-looking information contained in this news release. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the Company's ability to successfully commercialize the new drug subject of this press release, its ability to expand and maintain its research and development efforts, its ability to sustain its sales effort going forward, its ability to retain existing and retain new customers for its products, its ability to achieve the projected sales through the efforts of the call center, to complete the contemplated clinical trials and capitalize on such opportunities, the state of consumer confidence and market demand or the Company's products, success of its investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability, including on account of our ability to manage growth, intense competition, wage increases in China, its ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, its ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our most recent Annual Report on Form 10-K for the year ended December 31, 2013, and other subsequent public filings. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
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Biostar Pharmaceuticals, Inc.
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SOURCE Biostar Pharmaceuticals, Inc.